Maastricht-based Catella IM Benelux (CIMB) has acquired a housing development in the Dutch town of Zeist on behalf of the Catella Dutch residential fund ll, for approximately €18 mln from Green Living Investments.
The scheme, located on the Utrechtseweg in Zeist, a town 7 km to the east of Utrecht, is a redevelopment from an office building into residential dwellings and consists of 94 affordable rental apartments with a total area of 4,600 m2.
The scheme, which includes 170 parking spaces and storage for bikes, is targeting sub-segments of the residential market where there is strong demand, such as housing for starters, middle-aged couples and seniors, Catella said.
Voas Brouns, managing director, CIMB, said: 'This type of affordable housing in one of the best residential areas of the Netherlands is very scarce and we are stepping up these investments where we can because of the strong market demand, which is not being satisfied by the limited supply.
'The property in Zeist is located in a very green area and close to Utrecht, with all the services the city has to offer, which makes it very appealing to a wide range of social groups, from starters to seniors.'
The completion of the development is expected by the end of 2020.
CIMB was legally assisted in the transaction by Loyens & Loeff. PVM provided technical advice on the project.
